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It’s Hurricane Season! Here’s How to Safeguard Your Documents from Natural Disaster

UPDATE 10.24.16: The IRS announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. As a result, participants of these plans may be eligible to take advantage of certain streamlined loan procedures and relaxed hardship distribution rules. Currently, parts of North Carolina, South Carolina, Georgia and Florida qualify for individual assistance, and you can visit the FEMA disaster declarations website for a complete list of eligible counties.

UPDATE 10.13.16: As the October 17th extension deadline approaches, the IRS has advised those affected by Hurricane Matthew that they may qualify for late-filing penalty relief. In areas with disaster declarations for individual assistance, taxpayers will have until March 15, 2017 to file returns otherwise due on Monday, October 17. 

Hurricane Matthew is taking aim at central Florida’s Atlantic coast this week and President Obama has declared a state of emergency.  With hurricane season upon us, do you know what you would do if you lost important documents like your tax records and how to safeguard them?

Here are helpful tips to help you safeguard your records:

Create an Electronic Backup Set of Records

Order Transcripts or Copies From the IRS

Document Valuables

Following these tips will give you less to worry about in the event of a disaster.  What plans have you made to safeguard your important documents?  Do you have any special tips to share?

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